行业 白糖日报 日期 2025 年 4 月 29 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

Report Overview - Report Title: Global Sugar Market Overview (2025/4/28) [1] - Research Institute: Huajin Futures Research Institute [2] 1. Market Focus International Market - Brazil: The new sugar - cane crushing season is about to start, and attention should be paid to weather conditions and the progress of the crush. As of the end of March 2025, the cumulative sugar production in the 24/25 season was 4016.9 million tons, a year - on - year decrease of 5.3%. [4][7][14] - India: As of mid - April 2025, the cumulative sugar production was 25.425 million tons, a decrease of 5.74 million tons or 18.42% compared to the same period last year. [4][30][35] - Thailand: As of March 23, 2025, the sugar production was 9.9758 million tons, an increase of 1.2698 million tons or 14.58% compared to the same period last year. [4][41][43] Domestic Market - China: The sugar - cane crushing season is gradually ending, and inventories are relatively high. As of the end of March 2025, the national total sugar production was 10.75 million tons (a year - on - year increase of 1.17 million tons), the sugar sales volume was 6 million tons (a year - on - year increase of 1.26 million tons), and the sales progress was 55.8% (6.3% faster year - on - year). [5] 2. Core Viewpoints - Domestically, future imported sugar and substitutes will be the biggest variables on the supply side of the summer market. It is recommended to approach white sugar from a short - term oscillatory perspective, and relevant enterprises should carry out hedging operations according to their production situations. [5] - Internationally, Brazil has entered a new crushing season, and attention should be paid to the impact of weather; India's production has decreased, while Thailand's has increased; the Sino - US tariff game has a relatively limited impact on sugar trade; there has been no further news guidance in the market in recent weeks. [8] 3. Fundamental Analysis CFTC Net Long Positions - Net long positions have increased but remain at a low level compared to the same period in previous years. [7] Brazilian Sugar Production and Export - Production: As of the end of March 2025, the cumulative sugar production in the 24/25 season was 4016.9 million tons, a year - on - year decrease of 5.3%. [7][14] - Export: In March 2025, 1.85 million tons were exported, and the cumulative export in the season reached 35.25 million tons; in the first three weeks of April, 759,200 tons of sugar and molasses were exported. [7] - Inventory: At the end of March 2025, Brazil's inventory was 2.61 million tons, at a low level compared to the same period in previous years. [7] Import Profit - Import profit is positive and at a high level compared to the same period in previous years. [8] 4. Global Sugar Supply and Demand USDA Data - Compared to last year, global sugar production has increased by 2.8 million tons to 186.6 million tons. Increases in production in China, India, and Thailand have offset the decline in Brazil's production; with the growth of the Indian market, consumption is expected to reach a new high; due to the increase in Thailand's exports, global available exports have increased. [12] ISO Report - It is estimated that the global sugar supply gap in the 24/25 season will widen from the 251,300 - ton estimate in November 2024 to 488,100 tons; due to factors such as a decrease in the total production of major southern hemisphere producing areas after October 2024, lower - than - expected production in India and Pakistan, and a decline in Thailand's total sugar - cane production, the global sugar production in the 2024/25 season is expected to drop to 175.54 million tons; the global consumption in the 2024/25 season is expected to reach a record 180.42 million tons; both import and export volumes will decline, with imports at 63.324 million tons and exports at 62.661 million tons. The 66,300 - ton trade gap is much smaller than the current production/consumption gap, indicating a significant reduction in inventory. [12] StoneX Forecast - It is estimated that the global sugar surplus in the 2023/24 season was 3.2 million tons, and the surplus in the 2024/25 season will be 2.14 million tons. StoneX has raised its production forecast for India, and the possibility of exports is higher, with an expected export volume of 1 million tons. [13] 5. Key Country Analyses Brazil - Production: IBGE expects Brazil's sugar - cane planting area in 2025 to be 9.260858 million hectares, a 0.4% increase from last month's forecast and a 0.2% increase from last year; the sugar - cane production is expected to be 708.443279 million tons, a 0.2% increase from last month's forecast and a 0.2% increase from last year. As of March 15, 2025, there were 204 sugar mills still in operation, a year - on - year decrease of 154; the sugar - cane crushed was 254.517 million tons, a decrease of 29.631 million tons or 10.43% compared to the same period last year; the sugar production was 23.715 million tons, a decrease of 4.555 million tons or 16.11% compared to the same period last year. [29] - Export: In March 2025, 1.8533 million tons were exported, and the cumulative export in the season reached 35.23 million tons. [20] - Ethanol: The sugar - ethanol price spread is 3.3, showing minor fluctuations around a stable level. [25] India - Production: As of April 15, 2025, there were 37 sugar mills still in operation, a year - on - year decrease of 37; the sugar - cane crushed was 271.328 million tons, a decrease of 35.292 million tons or 11.51% compared to the same period last year; the sugar production was 25.425 million tons, a decrease of 5.74 million tons or 18.42% compared to the same period last year. [35] - Export: Although the Indian government has allowed the export of 1 million tons of sugar in the 2024/25 season, it is expected that the actual export volume may only be 600,000 - 700,000 tons by the end of the season in September. [39] Thailand - Production: As of March 23, 2025, the cumulative sugar - cane crushed was 91.6207 million tons, an increase of 9.9598 million tons or 12.2% compared to the same period last year; the sugar - cane sugar content was 12.61%, an increase of 0.27% compared to the same period last year; the sugar - making rate was 10.888%, an increase of 0.227% compared to the same period last year; the sugar production was 9.9758 million tons, an increase of 1.2698 million tons or 14.58% compared to the same period last year. The OSCB director expects Thailand's sugar production in the 24/25 season to reach 10.39 million tons, a year - on - year increase of 18%. [43][46] United States - Supply and demand balance: The production estimate has been slightly adjusted downward, while the import volume and ending inventory estimates have been adjusted upward. [47] 6. Domestic Market Analysis Production and Sales - The sugar - cane crushing season is gradually ending, and the sales rate has increased, with industrial inventory showing a significant decline in March. [5] Import - In March 2025, 61,300 tons of sugar were imported, and the cumulative import volume for the year is at a low level. [52] Trade - Import profit has rebounded. [56] 7. Market Indicators International Sugar Market - The net long position of CFTC funds remains at a relatively low level. [62] Zhengzhou Sugar Futures - The basis and the spread between contract months have widened. [65]

Core Insights - The article highlights the successful implementation of a financial model that supports the sugarcane industry in Yunnan Province, China, through innovative credit products and supply chain financing [1][2]. Group 1: Financial Support and Innovations - The Construction Bank's Wenshan branch provided a loan of 200,000 yuan for sugarcane farmers, enabling them to upgrade to new varieties and drip irrigation systems, resulting in a 30% improvement in crop conditions compared to the previous year [1]. - The Wenshan branch also allocated 40 million yuan in supply chain loans to the Yunnan Funing Xianggui Sugar Industry Co., which led to equipment upgrades, increasing sugar extraction rates by 1.2 percentage points and allowing for an additional 30 tons of sugar production daily [1]. Group 2: Economic Impact and Growth - The comprehensive output value of the sugarcane industry in Funing County has increased by 40% over the past three years, benefiting nearly 50,000 farmers with an average income increase of over 8,500 yuan [2]. - The total output value of the sugarcane industry in the county has surpassed 440 million yuan, with additional processing projects for by-products contributing an extra 300 yuan per acre [2].

二 〇 二 五 年 度 2025 年 04 月 27 日 白糖：关注内外价差机会 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 报告导读： （1）本周市场回顾 国际市场方面，美元指数 99.58（前值 99.23），美元兑巴西雷亚尔 5.68（前值 5.86），WTI 原油价 格 63.17 美元/桶（-0.91%），纽约原糖活跃合约价格 18.16 美分/磅（+2.19%）。截至 4 月 22 日，基金 多单减少 3360 手，基金空单增加 1135 手，净多单同比减少 4495 手至 45862 手，净多单小幅减少。 UNICA 数据显示，截至 3 月 31 日，24/25 榨季巴西中南部累计产糖 4017 万吨，同比减少 225 万吨。 ISMA/NFCSF 数据显示，截至 4 月 15 日，24/25 榨季印度产糖 2543 万吨，同比减少 574 万吨。OCSB 数 据显示，截至 4 月 9 日，24/25 榨季泰国产糖 1005 万吨，同比增加 131 万吨。 国内市场方面，广西集团现货报价 6190 元/吨，环比上周上涨 20 元/吨；郑糖主力报 597 ...

Group 1: Report Industry Investment Rating - Not mentioned in the report Group 2: Core Views of the Report - Internationally, Brazil's new - year sugar production is下调. India's sugar production is expected to be less than 26 million tons, making exports difficult. Brazil's initial crushing progress has increased significantly year - on - year, and overall consumption lacks a boost [2][26]. - Domestically, the sales of domestic sugar are progressing rapidly, and inventory pressure is low. Droughts in major domestic producing areas have affected sugarcane growth. However, the previous opening of the domestic import window may lead to a significant increase in imports in May. Consumption is entering the off - season. Sugar prices mainly depend on later weather changes. If risks are magnified, sugar prices have upward momentum; if there is sufficient rainfall later, sugar prices may face pressure from the off - season and increased imports and may decline [2][26]. - The recommended operation is to conduct band trading on Zhengzhou sugar futures [3][27]. Group 3: Summary by Relevant Catalogs 1. Market Review - In April, Zhengzhou sugar prices first declined and then rebounded. Affected by the negative news of the US tariff increase and the decline of the external market, Zhengzhou sugar followed the downward trend, with the main contract reaching a minimum of 5,856 yuan/ton on April 16. Then it rebounded due to weather disasters in major producing areas [5]. - In April, international sugar prices continued to fluctuate downward. Macro - events and strong production at the beginning of Brazil's sugar - crushing season put pressure on the market, with the main contract reaching a minimum of 17.36 cents/pound on April 16 [5]. 2. International Market Analysis 2.1 Brazil: Strong Production Start and Significantly Reduced Inventory - Brazil's sugar inventory in the first quarter of the year decreased by about 70% compared with the historical average. By the end of March, the inventory dropped to 2.61 million tons, a ten - year low, prompting sugar mills to increase sugar production [7]. - The sugar - making ratio in southern Brazil at the beginning of the crushing season was 43%, much higher than 33.5% in the same period last year and market expectations. The attractiveness of sugar production is high, and it is expected that Brazil has added some production capacity. Reduced rainfall is beneficial for the start of the crushing season, and supply data is expected to maintain a large year - on - year increase, continuously pressuring the market [7]. 2.2 India: Production Nearing End and High Domestic Sugar Prices - As of April 15, 2025, in the 2024/25 sugar - crushing season, India had crushed 271 million tons of sugarcane and produced 25.425 million tons of sugar, with 37 sugar mills still in operation. In the same period of the previous season, 74 sugar mills were not yet finished, having crushed 307 million tons of sugarcane and produced 31.165 million tons of sugar. The average sugar - production rate was 9.37%, lower than 10.16% in the previous season [11]. - This season's sugar production is expected to be 25.9 million tons. With production below 26 million tons, exports may be restricted later. Supported by tightened domestic supply, domestic sugar prices in India remain above 19.5 cents/pound [11]. 3. Domestic Market Analysis 3.1 Domestic Production Nearing End and Inventory Declining - As of the end of March 2025, in the 2024/25 sugar - crushing season, 43 sugar mills in Yunnan and 1 in Guangxi were still in production, and all sugar mills in other provinces (regions) had stopped. The country produced 10.7479 million tons of sugar this season, a year - on - year increase of 1.1748 million tons or 12.27%. The cumulative sugar sales were 5.9958 million tons, a year - on - year increase of 1.261 million tons or 26.64%. The cumulative sugar sales rate was 55.79%, 6.33 percentage points faster than the same period last year. The industrial inventory as of March was 4.7521 million tons, a year - on - year decrease of 86,500 tons [14]. - In the short term, domestic supply pressure is very limited. Before the increase in imports, sugar mills are expected to maintain a price - holding attitude. Although there will be incremental supply later, it will also be the peak consumption season. Overall, the firm spot price this season will continue to support the futures market [14]. 3.2 Severe Drought in Guangxi and Attention to Later Weather - Since the beginning of 2025, Guangxi has experienced the most severe autumn - winter - spring continuous drought since 1961. As of April 21, 97.5% of the region's land was affected by meteorological drought, with 68.7% reaching the extreme drought level, affecting 52 counties (districts) in 11 cities. It has caused 405,000 people to be affected, 513,000 hectares of crops to be damaged, and direct economic losses of 210 million yuan [17]. - The drought has severely affected sugarcane production in Guangxi. During the critical period of spring - planted sugarcane emergence and ratoon sugarcane tillering from April to May, the continuous drought has led to a 30% - 50% decrease in the sugarcane emergence rate compared with normal years, and the survival rate of ratoon sugarcane in some areas is less than 50%. The drought has also weakened photosynthesis and reduced the sucrose accumulation rate, affecting the sugar - production rate. It is expected that Guangxi's sugarcane output in the 2024/25 season will decline significantly [18]. 3.3 Expected Import Surge in May and Tighter Syrup Control - In March 2025, China imported 70,000 tons of sugar, a year - on - year increase of 60,000 tons. From January to March 2025, the cumulative sugar imports were 150,000 tons, a year - on - year decrease of 1.05 million tons. As of the end of March in the 2024/25 season, the cumulative sugar imports were 1.61 million tons, a year - on - year decrease of 1.45 million tons. The import contraction was greater than market expectations [23]. - In March 2025, China imported 132,800 tons of syrup and premixed powder, a year - on - year decrease of 24,600 tons. From January to March, the cumulative imports of syrup and premixed powder were 242,000 tons, a year - on - year decrease of 83,700 tons. As of the end of March in the 2024/25 season, the cumulative imports of syrup and premixed powder were 881,100 tons, a year - on - year increase of 140,200 tons [23]. - The import window has opened several times since January 21, March 6, and around April 15, 2025. It is highly likely that imports will significantly increase in May, with the total exceeding 1 million tons [24].

三、分红送配方案情况 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 前十大流通股东累计持有： 24016.96万股，累计占流通股比： 59.99%，较上期变化： 8151.83万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0683 | 0.0688 | -0.73 | -1.1429 | | 每股净资产（元） | 0.31 | 0.24 | 29.17 | 0.1 | | 每股公积金(元) | 4.89 | 4.89 | 0 | 4.82 | | 每股未分配利润(元) | -5.96 | -6.03 | 1.16 | -6.10 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 32.52 | 33.65 | -3.36 | 28.38 | | 净利润(亿元) | 0.27 | 0.28 | -3.57 | -4.58 | | 净资产收益率(%) | 2 ...

Core Viewpoint - The company has effectively utilized its raised funds in accordance with regulatory requirements, with no instances of mismanagement or violation of fund usage guidelines [7][9]. Fund Utilization Summary - As of December 31, 2024, the raised funds in various branches of Agricultural Bank of China and Industrial and Commercial Bank of China have been fully utilized, and the special accounts for these funds have been closed [1]. - The actual investment amount from self-raised funds prior to the non-public offering was RMB 275.45 million [2]. - There are no instances of using idle raised funds to temporarily supplement working capital as of December 31, 2024 [3]. - The company has not engaged in cash management or investment in related products with idle raised funds as of December 31, 2024 [4]. Changes in Fund Utilization - In October 2020, the company approved a change in the use of raised funds, reallocating RMB 88.53 million from certain projects to others, including RMB 20 million to Xinjiang Sifang Industrial Co., Ltd. and RMB 68.53 million to Beihai Sugar Industry [5]. - In February 2022, the company terminated certain investment projects and permanently supplemented working capital with the remaining raised funds amounting to RMB 86.4 million [6]. - In December 2023, the company announced the completion of certain projects and the termination of others, reallocating RMB 46.73 million to permanently supplement working capital [6]. Compliance and Audit Reports - The board of directors believes that the company has disclosed the storage and actual usage of raised funds in a timely, truthful, accurate, and complete manner, complying with regulatory requirements [7]. - The audit report from Tianzhi International Accounting Firm confirms the pre-investment of raised funds [2]. - The special report on the storage and usage of raised funds reflects the company's compliance with relevant regulations [8]. - The sponsor institution, CITIC Jian Investment Securities, has verified that the company's usage of raised funds aligns with regulatory requirements and does not harm shareholder interests [9]. Additional Information - The company does not have instances of multiple financings with separate fund utilization in the same year [10].

Report Investment Rating - No information provided on the report's industry investment rating Core Viewpoints - The price of sugar is expected to oscillate weakly. Brazil's new crushing season has started normally, and it is expected to gradually accumulate inventory from May, which will bring certain supply pressure to the international market. India's sugar production is far below expectations, and it may face a situation of production falling short of demand, which may affect its export policy. Thailand's sugar production has reached 1005 tons, higher than the previous season. The domestic sugar production is expected to increase to around 1090 tons, with low import arrivals before May and effective syrup control, resulting in limited overall supply pressure. In the long - term, global economic decline expectations due to tariff frictions may affect sugar consumption [24]. Global Supply and Demand Analysis Global Sugar Supply and Demand Tightness - The estimated shortage of global sugar supply in the 2024/2025 crushing season has increased from 2.513 million tons to 4.881 million tons, the highest in the past 9 years. Global sugar production is expected to drop to 175.54 million tons, a decrease of 5.844 million tons from the previous season, while consumption will reach a record 180.42 million tons, an increase of 0.449 million tons. There is a trade gap of 0.0663 million tons, with imports at 63.324 million tons and exports at 62.661 million tons. The market focus is shifting to Brazil's crushing production [2]. Brazil's 2025/26 Crushing Season - In the second half of March, the sugarcane crushing volume in the central - southern region of Brazil was 455,800 tons, a year - on - year decrease of 10.63%, while sugar production was 201,000 tons, a year - on - year increase of 9.97%. In the 2024/2025 crushing season, the cumulative crushing volume was 621.876 million tons, a decrease of 32.573 million tons, and the cumulative sugar production was 40.169 million tons, a decrease of 5.31%. It is expected that in 2025/2026, sugarcane production will drop to 594 - 600 million tons, and sugar production will be around 40 million tons. As of the end of March, Brazil's inventory was 2.61 million tons, a year - on - year decrease of 1.79 million tons, and it is expected to start accumulating inventory from May [5][8]. India's Sugar Situation - The estimated sugar production in India for the 2024/2025 crushing season is about 26.4 million tons, a downward adjustment of 0.8 million tons from the February estimate and far lower than the previous expectation of over 30 million tons. As of March 31, 2025, the total sugarcane crushing volume was 265.326 million tons, and sugar production was 24.85 million tons. India's sugar export policy has been adjusted since 2022. Its inventory is expected to decline to around 5 million tons, and it may be forced to import sugar [9][12]. Thailand's Sugar Production - Thailand's 2024/2025 crushing season has ended, with a final sugarcane crushing volume of 92.04 million tons and sugar production of 10.05 million tons. Sugar exports are expected to increase by about 15%. It is estimated that in the 2025/26 crushing season, sugarcane crushing volume will exceed 110 million tons, and sugar production is expected to break through 11 million tons, an 18% increase from the previous season [14]. Domestic Supply and Demand Situation Domestic Sugar Production - In the 2023/2024 crushing season, China's total sugar production was 9.9632 million tons. For the 2024/2025 crushing season, it is expected to increase by 500,000 - 800,000 tons to around 10.6 million tons. As of the end of March 2025, the total sugar production was 10.7479 million tons, a year - on - year increase of 1.1748 million tons. The cumulative sugar sales were 5.9958 million tons, a year - on - year increase of 26.64%. Industrial inventory was 4.7521 million tons, a year - on - year decrease of 86,500 tons. It is estimated that the sugar production in Guangxi in the 2024/2025 crushing season will be about 6.5 million tons, an increase of about 300,000 tons [18][19]. Short - term Low Import Arrivals - In February 2025, China imported 20,000 tons of sugar, a year - on - year decrease of 96.7%. From January to February, the cumulative import was 80,000 tons, a year - on - year decrease of 93.3%. It is expected that the domestic import arrivals will remain at a low level before May [20]. Suspension of Syrup Imports - In 2025, from January to February, the total import of syrup and premixed powder was 1.092 million tons, a year - on - year decrease of 0.591 million tons. As of the end of February in the 2024/2025 crushing season, the total import was 7.483 million tons, a year - on - year increase of 1.648 million tons. In December 2024, the import declaration of Thai syrup and premixed powder was suspended, and in March 2025, the import declaration of some Vietnamese sugar products was suspended [22]. Market Outlook - Brazil's new crushing season has started normally, and it is expected to gradually accumulate inventory from May, bringing supply pressure to the international market. India's production is far below expectations, which may affect its export policy. Thailand's production has increased compared to the previous season. The domestic production is expected to increase, with low import arrivals before May and effective syrup control, resulting in limited supply pressure. In the long - term, global economic decline expectations due to tariff frictions may affect sugar consumption, and the sugar price is expected to oscillate weakly [24].

Report Industry Investment Rating - The investment rating for the sugar industry is "Range-bound" [1] Core Viewpoints - The sugar market shows a range-bound trend. In the international market, factors such as the US imposing reciprocal tariffs, market trading of recession expectations, low inventory in Brazil, lower-than-expected production in India, and reduced exports from Brazil and China have an impact on the market. In the domestic market, there are differences between production, consumption, and imports, and the global sugar supply is expected to be in shortfall [1][2] Summary by Relevant Catalogs Fundamental Tracking - The raw sugar price is 17.81 cents per pound, with a year-on-year increase of 0.09 cents; the mainstream spot price is 6,150 yuan per ton, up 20 yuan year-on-year; the futures main contract price is 5,936 yuan per ton, up 52 yuan year-on-year. The 59 spread is 172 yuan per ton, down 7 yuan year-on-year; the 15 spread is 104 yuan per ton, up 9 yuan year-on-year; the mainstream spot basis is 214 yuan per ton, down 32 yuan year-on-year [1] Macro and Industry News - High-frequency information indicates that the US imposing reciprocal tariffs, market trading of recession expectations have put pressure on raw sugar. In Brazil, with low inventory, India's production is lower than expected, and precipitation in the Brazilian production area in Q1 is low. The NFCSF has lowered India's sugar production forecast for the 24/25 season from 26.5 million tons to 25.9 million tons. Brazil exported 1.85 million tons in March, a year-on-year decrease of 30.7%. China's imports of regular sugar, syrup, and premixed powder from January to February have significantly declined [1] Domestic Market - CAOC expects domestic sugar production of 11 million tons, consumption of 15.8 million tons, and imports of 5 million tons in the 24/25 season. As of the end of March, the national sugar production in the 24/25 season was 10.75 million tons (+1.17 million tons), cumulative sugar sales were 6 million tons (+1.26 million tons), and the cumulative sugar sales rate was 55.8%. China imported 80,000 tons of sugar from January to February (-1.11 million tons) [2] International Market - ISO expects a global sugar supply shortage of 4.88 million tons in the 24/25 season (previously a shortage of 2.51 million tons). As of March 31, the cumulative sugarcane crushing volume in the central-southern region of Brazil in the 24/25 season decreased by 4.98 percentage points year-on-year, with cumulative sugar production of 40.17 million tons (-2.25 million tons), and the cumulative MIX decreased by 0.82 percentage points year-on-year. As of March 31, India's sugar production in the 24/25 season was 24.85 million tons (-5.4 million tons). As of April 1, Thailand's cumulative sugar production in the 24/25 season was 10.04 million tons (+1.3 million tons) [2] Trend Intensity - The trend intensity of sugar is 0, indicating a neutral outlook [3]